Hawthorn Bancshares reports $4.6 million net income, increased investments and decreased deposits
From GlobeNewswire: 2024-10-30 15:27:00
Hawthorn Bancshares, Inc. reported a net income of $4.6 million in the third quarter of 2024, with earnings per diluted share of $0.66. There was an improvement in net interest margin to 3.36% compared to the prior quarter, as well as a decrease in loans and deposits, and an increase in investments.
CEO Brent Giles highlighted progress in strategic objectives, resulting in reduced overhead expenses and expanded fee income. Total assets were $1,809,769, loans totaled $1,466,751, and deposits were $1,503,504 as of September 30, 2024. Book value per share increased to $20.91, showing financial growth.
For the third quarter of 2024, Hawthorn Bancshares, Inc. saw a net income of $4.6 million, a slight decrease from the prior quarter, but a significant increase from the prior year quarter. Net interest income was $14.3 million, with an FTE net interest margin of 3.36%, showcasing stability and growth in key financial metrics.
Total non-interest income for the third quarter of 2024 was $3.8 million, a decrease from the prior quarter but a significant increase from the prior year quarter. Non-interest expenses were $12.0 million, showing a decrease from the prior quarter and the prior year quarter. The efficiency ratio for the third quarter was 66.23%.
Loans held for investment decreased to $1.5 billion as of September 30, 2024, while investments increased to $209.0 million. Asset quality remained strong, with non-performing assets at 0.58% of total loans. Non-performing assets totaled $8.5 million at the end of September 2024, showing stability in the bank’s asset quality. In the third quarter of 2024, a commercial loan relationship moving to non-accrual status and a commercial real estate loan going to foreclosure led to an increase in non-performing assets. Net loan charge-offs were $0.6 million, and the provision for credit losses remained at $0.5 million. The Company’s allowance for credit losses was $21.9 million.
Total deposits decreased by $46.7 million in the third quarter of 2024 compared to the prior quarter, primarily due to a decrease in demand deposits and brokered deposits. The Company maintained a “well capitalized” regulatory capital position, with capital ratios ranging from 11.33% to 14.91%.
Under the 2019 Repurchase Plan, the Company repurchased 56,692 common shares during the first nine months of 2024 at an average cost of $19.51 per share. A quarterly cash dividend of $0.19 per common share was approved for shareholders. As of September 30, 2024, $3.9 million remains available for share repurchases.
Hawthorn Bancshares, Inc., the parent company of Hawthorn Bank, reported unaudited financial results for the third quarter of 2024. Net income was $4.6 million, with earnings per share of $0.66. The company’s return on average assets was 1.00%, and the return on average common equity was 12.87%.
Hawthorn Bancshares, Inc., headquartered in Jefferson City, Missouri, is a financial-bank holding company and the parent company of Hawthorn Bank. With a history of over 150 years, Hawthorn Bank serves families and businesses with multiple locations in Missouri, including in the greater Kansas City metropolitan area, Jefferson City, Columbia, Springfield, and Clinton.
Read more at GlobeNewswire:: Hawthorn Bancshares Reports Third Quarter 2024 Results